December 9, 2014
The province is taking an important step to strengthen its retirement income system and ensure Ontarians are better able to enjoy their retirement years, with the introduction of legislation that would, if passed, help people save for retirement.
On December 8, the province introduced the Ontario Retirement Pension Plan Act, 2014. The Ontario Retirement Pension Plan Act, 2014 would, if passed, lay out a framework for the creation of the Ontario Retirement Pension Plan (ORPP) and commit the government to establishing the plan by January 1, 2017, helping to address the undersavings problem.
In the month of December, the government will release a consultation paper about proposed implementation details of the ORPP, with formal consultations to follow in January 2015.
Also on December 8, the province introduced the Pooled Registered Pension Plans Act, 2014, legislation that would provide a legal framework for the establishment and administration of pooled registered pension plans in Ontario.
Building a strong retirement income system is part of the government’s economic plan for Ontario. The four-part plan is building Ontario up by investing in people’s talents and skills, building new public infrastructure like roads and transit, creating a dynamic, supportive environment where business thrives and building a secure pension plan so everyone can afford to retire.
“The Ontario Retirement Pension Plan Act represents a major step forward in fulfilling our government’s commitment to creating a strong, secure retirement income system. We are taking leadership today to fulfil this goal and give Ontarians the retirement future they deserve.”
— Mitzie Hunter, Associate Minister of Finance (Ontario Retirement Pension Plan)
“The retirement savings challenge is complex and requires collaboration from all sectors, as well as a range of tools to ensure a strong and stable retirement income system. That is why encouraging investment in voluntary retirement savings tools such as pooled registered pension plans is an important part of the government’s strategy to enhance retirement savings for all Ontarians.”
— Charles Sousa, Minister of Finance
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